Baghdad – INA – Nassar Al-Hajj
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the Iraqi Trade Bank is one of the state’s banking arms and operates on three levels, while revealing a movement to recover the faltering bank for the benefit of the bank.
Saleh said to the (INA): “The Iraqi Trade Bank is one of the state’s banking arms that carries out banking business on three scales, which is practicing international banking and enhancing its role in financing government foreign trade and within the framework of broad international banking relationships with correspondent banks around the world. In addition to providing development loans to the private sector, which will stimulate investment and raise economic growth rates.”
He added, “The third scope relates to the Iraqi Trade Bank’s practice of retail banking to spread financial inclusion and deliver possible banking services for the benefit of members of the economic community, whether in depositing and opening bank accounts for customers or granting cash credit on more modern banking foundations.”
He added, “The bank inherited accumulations as a result of credit policies, which necessitated the importance of recovering non-recoverable bad debts, as the time has come to collect them according to flexible and fair principles included in a road map that encourages loan recovery.”
He pointed out, “The Prime Minister stressed the importance of being careful to reach appropriate solutions in order to address these stumbling blocks, especially since the meeting held regarding the development of the Iraqi Trade Bank indicated that there is no escape from recovering the loaned funds according to flexible and fair mechanisms at the same time, and in a way that serves… The bank’s continued role in providing financial leverage to finance private national investment and for the benefit of the country’s economic development and progress.”
Earlier, last Sunday, Prime Minister Muhammad Shia al-Sudani affirmed the government’s keenness to develop the work of the Iraqi Trade Bank during his chairing a meeting to discuss and evaluate the bank’s work and its contributions to financing and economic development of the country, in the presence of the Minister of Finance, the Governor of the Central Bank of Iraq, the General Director of the Bank, and a number of advisors. .
The Prime Minister pointed out – according to a statement issued by his office received by the – “the importance of the role of the Iraqi Trade Bank in supporting government institutions and the private sector, and its role, as a banking institution, in supporting and revitalizing the Iraqi economy,” stressing, “the government’s keenness to develop the work of the bank and address… The problems and obstacles he faces.